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"Those who invest in South Africa should not think they are doing us a favor; they are here for what they get out of our cheap and abundant labor, and they should know that they are buttressing one of the most vicious systems." Bishop Desmond Tutu, 1985 |
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Established in July 1966, the ADB is made up of African and non- African members. The African members are: Algeria, Angola, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Congo, Cote d'Ivoire, Djibouti, Egypt, Equatorial Guinea, Ethiopia, Gabon, The Gambia, Ghana, Guinea, Guinea- Bissau, Kenya, Lesotho, Liberia, Libya, Madagascar, Malawi, Mali, Mauritania, Mauritius, Morocco, Mozambique, Namibia, Niger, Rwanda, Sao Tome and Principe, Senegal, Seychelles, Sierra Leone, Somalia, South Africa, Sudan, Swaziland, Tanzania, Togo, Tunisia, Uganda, Zaire, Zambia and Zimbabwe. There are 26 non-African members.
STRUCTURE
Boards of Governors and Directors and Officers constitute the operational structures. The Board of Governors is the highest policy-making body of the Bank. Each member country nominates one Governor, usually its Minister of Finance and Economic Affairs, and an alternate Governor. It meets once a year and elects the Board of Directors and the President.
The Board of Directors consists of 18 members elected by the Board of the Governors for a term of three years. It is responsible for the general operations of the Bank and holds ordinary meetings twice a year. The President is responsible for the organization and the day-to-day operations of the Bank under guidance of the Board of Directors. The President is elected for a five-year term and serves as the Chairman of the Board of Directors. He is assisted by five Vice-Presidents, elected for a three-year term by the Board of Directors on his recommendation.
SECTORAL UNDERTAKINGS
The ADB Group of development financing institutions comprises the African Development Fund (ADF), the Nigeria Trust Fund and the ADB itself. These provide concessionary loans. The ADB contributed funds for the establishment in 1986 of the Africa Project Development Facility, which assists the private sector in Africa by providing advisory services and finance for entrepreneurs. It is managed by the International Finance Corporation.
The Bank also provides technical assistance in the form of experts' services, pre-investment studies, and staff training. Much of this assistance is financed through bilateral aid funds contributed by developed member states. In 1988 it created a round table of African business executives to hold regular meetings and encourage private enterprises.
The African Development Fund :The Fund which started operations in 1973, grants interest-free loans to African countries for projects with repayment over 50 years including a 10-year grace period, and with a low service charge.
Nigeria Trust Fund (NTF) : The ADB and the Government of Nigeria signed the agreement that gave birth to this fund in February 1976. It is administered by the Bank and its loans are granted for up to 25 years, including grace periods of up to five years, The loans are intended to provide financing for projects in co-operation with other lending institutions.
Find out more about the African Development Bank by clicking HERE
Return to the Foreign Aid/Affairs/Defense budget by clicking HERE
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